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Succession success probability assessment system and associated methodsSuccession success probability assessment system and associated methods description/claimsThe Patent Description & Claims data below is from USPTO Patent Application 20080097776, Succession success probability assessment system and associated methods. Brief Patent Description - Full Patent Description - Patent Application Claims
CROSS-REFERENCE TO RELATED APPLICATIONS [0001]This application claims priority to provisional application Ser. No. 60/862,289, filed Oct. 20, 2006, entitled "Succession Success Probability Assessment System and Associated Methods." BACKGROUND OF THE INVENTION [0002]1. Field of the Invention [0003]The present invention relates to systems and methods for assessing current readiness for a transfer of business ownership and management authority, and, more particularly, to such systems and methods for evaluating a probability that an established business will continue to succeed after a transition of ownership and management. [0004]2. Description of Related Art [0005]Succession planning is undertaken in anticipation of a business changing hands, as could result from the retirement or death of an owner or key executive. Events such as these can severely negatively impact a business if sufficient planning has not been done in advance of a predictable or unpredictable leadership change, particularly, although not exclusively, in closely held companies. [0006]It would therefore be desirable to provide a system and method for assessing and quantifying a readiness for succession and the likelihood of the continuation of business success under new ownership and/or management. SUMMARY OF THE INVENTION [0007]The present invention is directed to a system and method for delivering an assessment to individuals currently having an involvement in and those potentially acquiring an involvement in the ownership, leadership, or management of an established business. The system and method include an assessment of a plurality of factors that have been shown to influence the long-term success of a business ownership, leadership, or management transition. The system and method include an analysis of the assessment and a reporting of the analysis to the user/client. By subdividing the assessment and analysis into the plurality of factors, each can be addressed independently and remediated as deemed necessary. [0008]In a particular embodiment, the succession success assessment and report can be delivered online. [0009]The features that characterize the invention, both as to organization and method of operation, together with further objects and advantages thereof, will be better understood from the following description used in conjunction with the accompanying drawing. It is to be expressly understood that the drawing is for the purpose of illustration and description and is not intended as a definition of the limits of the invention. These and other objects attained, and advantages offered, by the present invention will become more fully apparent as the description that now follows is read in conjunction with the accompanying drawing. BRIEF DESCRIPTION OF THE DRAWINGS [0010]FIG. 1 is a flowchart for an exemplary embodiment of a method of the present invention. [0011]FIG. 2 is an exemplary chart summarizing a global succession score and scores in the ten interdependent succession success factors. [0012]FIG. 3 is an exemplary bar graph of global scores of succession assessment benchmarks. DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS [0013]A description of the preferred embodiments of the present invention will now be presented with reference to FIGS. 1-3. [0014]The present invention is directed to a system and method for assessing a probability of achieving business succession through the next generation of owners and managers. In a preferred embodiment, the assessment is administered online, and comprises a plurality of sub-assessments, each intended to isolate a particular factor that can impact the succession success. Several levels of the assessment can be provided, each of which includes an assessment of ten interdependent factors that comprise a "succession matrix." Ten factors are included here, but are not intended to be limiting on the scope of the invention. [0015]1. Personal Financial Planning (PFP). A fundamental succession planning consideration involves progressively utilizing the fruit of business success to achieve personal financial independence from the business. Financial independence provides the owner the freedom to sell the business for what it is actually worth versus an awkward, costly environment where attempts are made to sell the business to sustain personal security. Additionally, financial independence enables owners to empower succession by incurring the inherent risk or relinquishing control of the business to family members or key managers. Personal financial planning is believed critical to the empowerment of an exit strategy and the continuity of credit from strategic leaders believed critical to the business operation. [0016]2. Business Structuring (BS). Business structuring can also positively or negatively impact the succession of the business. Business structuring has significant impact upon the taxation of earnings and the access of stakeholders to earnings. In the event of a sale, the appropriate corporate or partnership structure would enable stockholders to build tax bases and avoid discouraging taxation on the sales proceeds. Appropriately designed and coordinated stockholder/partner agreements give participating principals the peace of mind that their interests in the business represents real value and that this value cannot be distorted by undesirable stockholder/partners. Employment contracts can enhance exit strategies by authorizing the continuity of compensation and health benefits after retirement or to a spouse after death. The utility or liability of the business to surviving family and key personnel is likely to depend upon the appropriate business structures. [0017]3. Business Performance (BP). Operational success is the value magnet that can draw suitors and compel them to bid up the value of an asset. Operational success is also believed critical to achieving the profitability momentum required to endure predictable challenges to business continuity arising from economic cycles, stakeholder disunity, or family friction, for example. Operational success can and usually does come from a variety of sources such as great location, exemplary product line, or excellent management and service. [0018]4. Strategic Planning (St Plg). Succession planning is fundamentally a long-term strategic issue, and is important to succession success. Everyone understands the cliche, "If you fail to plan, you plan to fail." It is likely that a business will encounter serious challenges. Change can be a major obstacle. How change is dealt with is a function of the business paradigm. [0019]5. Leadership and Management Continuity (MLC). Much of the value of a business is in the management team that optimizes resources for the achievement of business goals. Therefore, recruiting, training, and empowering a management culture that can sustain and enhance historical success is important to succession success. The identification, motivation, and retention of highly qualified supporting managers are believed essential to maintaining the viability of succession plans. It is also important to examine those who can take it to the next level and begin developing them as key managers. Developing bench strength is important to the strength and sustainability of any team. 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